This YouTube video is a follow-up to the one we did about three weeks ago, in regards to the AT&T retiree health care plan that comes up at the end of this year, forcing thousands and thousands of retirees to go out and purchase a Medicare plan.
We’ve been helping a lot of people here in Kansas City and further over the telephone, helping them figure out a plan of attack, how to navigate the Aon exchange, what they need to do and don’t need to do.
So let’s get started, just go over a few of the basics of this. The first thing we need to know is that you only need to purchase one plan through the Aon exchange, and the reason why we do that is to unlock the HRA money, the money is provided to you from AT&T, and if it’s you and your spouse, the benefit should be $4,200. Whether they continue to provide that year after year is not to be known, so you only need to purchase one plan to unlock your HRA money.
Secondly, you can use your HRA fund to pay for the premiums, for your drug plan, your Medicare Supplement Plan and your Dental Vision Plan if you choose to have one. Lastly, the whole purpose of these videos and helping you is to make sure you are getting the best possible price for the Medicare Supplement Plan of your choice.
We find that on the Aon site, there are a few choices, Plan G is really the one that we’re recommending. It’s not a guaranteed-issue plan, you have to go medical underwriting to get plan G for most people, but if you can get it, that’s the plan you want to be on.
So for those of you who have gone to the internet and pulled up the Aon website, you’ll be familiar with this screenshot. What we’re going to do is to take a Kentucky zip code, 41651, we want to make sure that we’re hitting the Medigap tab to see the Medigap plans are available.
And in this instance, we’re going to look at plan G. There are three companies listed which sells plan G, according to the website. But we can only get quotes for two of those companies, so there’s Transamerica Loyal American and Anthem BlueCross.
The highest premium is $221.69, and the lowest premium available is $190.81, so there are dozens of Medicare supplement companies in that area that provide these plans, Aon happens to show two of them and they’re probably most expensive ones.
So let’s take a female, age72, we put in her date of birth and she’s a nonsmoker, let’s take a look at the rates again. We’re going to have three companies to look at, make sure you hit the Medigap plan tab, so you’re getting all the Medigap policies. We’re going to select plan G, we’re going to select all the companies that are available.
We can only see two companies that are populating a premium. One is a $165.82 and the other one is $195.87. Then you ask yourself, why would I pay $195 and get it for 165? Every Medicare supplement plan is exactly the same except for the premium.
We have Mr. HC, 83 years old on the Aon site, his premium for plan G is $190.81 monthly. When we go out onto the open marketplace, we can see that the best price for that plan is $145.67 monthly, that’s a total premium savings of $541.68 annually for Mr. H, that’s a lot of money.
You’d be better off putting that money towards your drugs plan or towards other health care costs or even back into your own back pocket. Let’s take a look at Mrs. H, $165 is the rate on Aon, $126.70 on the marketplace through your local Medicare agent. So the annual saving is 459.6.
There’s no reason to pay that money to Transamerica or Cigna or whoever, it was on the Aon website. When you can go out into the open marketplace and get these plans cheaper, this is a typical quote engine we can look at.
The United health care plan will end on December 31st, if you have everything set up correctly, your Medicare supplement and drug plan will start on January 1st at midnight. So for the one in orange, they no longer sell Medicare supplements because they’re out of the business. that’s why it’s highlighted in orange.
But if we look at the next best available plan, it is $146.67, which for Plan G. Now, let’s take a look at the female, effective date of January 1st, non-smoking, and we’re looking at the lowest premium rate of $126.70. The top one is a company that no longer sells Medicare supplements to the lowest premium, which is $126.70. We purchased those two plans on the open market and we can save her over a thousand dollars per year, because we went onto the open marketplace and searched for this plan that we wanted and we got a lower premium.
That’s how you do it , we’re here to help you, give us a call at 845-458-1210, get through this together. Thanks and have a great day.